[findingthepath]

Hi guys,

I’ve recently been considering doing a career shift because I feel as if the goals and what I wanted to learn are shifting because I’m in the accounting field. I was at a Big 4 firm as an auditor for 1.5 years and recently resigned. I realized auditing wasn’t for me and also, for some reason, I was never put on a specific client long enough to truly understand it as my schedule wasn’t being handled properly even after multiple requests to have it be more stable; I was being taken off clients left and right every week or so while the majority of my other colleagues would be on one client for a while. Yet I very much enjoyed my clients in which I worked for 3 or more weeks, since I had time to learn the business. (I thought this shifting around might be due to something with my work performance- which would have been a shocker since I’ve received a good reputation for my work – but it turned out that it wasn’t). Anyways, I resigned and joined another Big 4 firm to become part of their accounting advisory services group in transactions and restructuring. So far, I’ve appreciated the projects I’ve been assigned in advisory and hope it’s a worthwhile.

Overall though, I’m thinking accounting is not for me. I graduated college with a business admin degree and only took accounting courses to learn about business essentially. I’m figuring out now that this path is much different than I realized: I’d much rather transition into a finance role (which is why I chose to do advisory, since it’s more transaction and buy-side/sell-side based).

In this case, although I attempted the CPA, I’m not seeing much benefit if I don’t plan on using it. I’m actually studying very hard for the GMAT, as getting an MBA has been a big goal for me, and am even looking into a CFA afterwards. I understand the CPA is important for an accountant, but for someone transitioning out, I would like any input on the matter. Is this even feasible, to transition out slowly? Would MBAs even consider me? Thank you.

[UNC MAcc]

“Just to give you a fair warning:MBA does not equal executive job. While it may open doors it mostly helps people move up in careers where they are established”

Correct.

“I'd say that having a Big 4 Transactions & Audit background is a good start to getting into a good to great MBA program.”

Correct, but 1.5 years isn't enough. He/She needs to go back to work and get the CPA first.

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[UNC MAcc]

“In this case, although I attempted the CPA, I'm not seeing much benefit if I don't plan on using it. I'm actually studying very hard for the GMAT, as getting an MBA has been a big goal for me, and am even looking into a CFA afterwards. I understand the CPA is important for an accountant, but for someone transitioning out, I would like any input on the matter. Is this even feasible, to transition out slowly? Would MBAs even consider me? Thank you.”

You're avoiding the CPA because it is hard and the GMAT and MBA are sexy. But trust me, I have been in your shoes and though the EXACT same thing. You have it completely opposite. I can't get over how backward your thinking is and I can't stress it enough. Get back to work, get your CPA, work 2-3 more years, THEN you can MBA/GMAT. If you don't, you'll get an MBA and a mountain of debt and no job.

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[UNC MAcc]

“In this case, although I attempted the CPA, I'm not seeing much benefit if I don't plan on using it. I'm actually studying very hard for the GMAT, as getting an MBA has been a big goal for me, and am even looking into a CFA afterwards. I understand the CPA is important for an accountant, but for someone transitioning out, I would like any input on the matter. Is this even feasible, to transition out slowly? Would MBAs even consider me? Thank you.”

You're avoiding the CPA because it is hard and the GMAT and MBA are sexy. But trust me, I have been in your shoes and though the EXACT same thing. You have it completely opposite. I can't get over how backward your thinking is and I can't stress it enough. Get back to work, get your CPA, work 2-3 more years, THEN you can MBA/GMAT. If you don't, you'll get an MBA and a mountain of debt and no job.

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[fuzyfro89]

@findingthepath:

Working in Big 4 transaction services is a solid place. You will learn accounting from a “user” perspective instead of a “preparer” perspective (where audit/accountants really fit in). My background: I spent almost exactly 1.5 years in audit before leaving for a rotation program in corporate. Full disclosure, my reviews were just alright–my opinion is that I was not motivated after being put in shit client situations. I truly excelled when I was challenged and interested in my work, but definitely dragged my feet when I was bored out of my mind. That's how I knew audit was not for me.

My current program offers three 12-18 month rotations. Having my CPA helps a lot, and I'm currently preparing for CFA Level 2 this June. My current (first) rotation is in internal audit. Fortunately, I spend only about 10% of my time doing SOX (which I abhor!!), and the rest doing internal consulting type work. My next rotation will be in operations finance, and last one will be in corporate strategy (internal M&A).

The CPA didn't specifically help, but it does set me apart as a finance professional. At the end of the day, finance is just the interpretation of accounting, so having a strong accounting foundation will always help you in finance (your goal and mine as well).

To answer your questions:

1) Yes, it is feasible to transition out of accounting. But, make the most of your experience while you're in it. Take your CPA and get it done. You will have it for the rest of your life, and it demonstrates your ability to excel at something. Remember, not all CPAs are created equally. No offense to tax preparers, since I struggle to even do my own, but we are not all preparing 1040s.

2) MBA may help, but personally I would only feel good about the investment and lost time if I got into a top 20 program. The remainder are only marginally helpful. If you're as sharp as you think you are, you will be able to land a strong role in corporate finance, or equity research, M&A, financial analysis, etc.

Salaries are strong for people with the right fit. I left public in 2013 making 55K (~60K including benefits) as an experienced staff thinking my next three years would not help me reach my goals. I was not about to stick around in audit for 3 more years to only make 80-85k as a manager (and also be branded as an accountant). I took a new role with 80K base (~95K including benefits). It can be done, but you have to be diligent. You need to pass the CPA, pass CFA level I, and start networking to show you are more than a number cruncher.

Definitely give Big 4 transaction advisory at least 1.5 years. It is not bulge bracket investment banking, but it is highly regarded experience among the finance community. You will likely meet some people who are both CPAs and CFA holders, so ask them about their experience and get some feedback.

Good luck!

[fuzyfro89]

@findingthepath:

Working in Big 4 transaction services is a solid place. You will learn accounting from a “user” perspective instead of a “preparer” perspective (where audit/accountants really fit in). My background: I spent almost exactly 1.5 years in audit before leaving for a rotation program in corporate. Full disclosure, my reviews were just alright–my opinion is that I was not motivated after being put in shit client situations. I truly excelled when I was challenged and interested in my work, but definitely dragged my feet when I was bored out of my mind. That's how I knew audit was not for me.

My current program offers three 12-18 month rotations. Having my CPA helps a lot, and I'm currently preparing for CFA Level 2 this June. My current (first) rotation is in internal audit. Fortunately, I spend only about 10% of my time doing SOX (which I abhor!!), and the rest doing internal consulting type work. My next rotation will be in operations finance, and last one will be in corporate strategy (internal M&A).

The CPA didn't specifically help, but it does set me apart as a finance professional. At the end of the day, finance is just the interpretation of accounting, so having a strong accounting foundation will always help you in finance (your goal and mine as well).

To answer your questions:

1) Yes, it is feasible to transition out of accounting. But, make the most of your experience while you're in it. Take your CPA and get it done. You will have it for the rest of your life, and it demonstrates your ability to excel at something. Remember, not all CPAs are created equally. No offense to tax preparers, since I struggle to even do my own, but we are not all preparing 1040s.

2) MBA may help, but personally I would only feel good about the investment and lost time if I got into a top 20 program. The remainder are only marginally helpful. If you're as sharp as you think you are, you will be able to land a strong role in corporate finance, or equity research, M&A, financial analysis, etc.

Salaries are strong for people with the right fit. I left public in 2013 making 55K (~60K including benefits) as an experienced staff thinking my next three years would not help me reach my goals. I was not about to stick around in audit for 3 more years to only make 80-85k as a manager (and also be branded as an accountant). I took a new role with 80K base (~95K including benefits). It can be done, but you have to be diligent. You need to pass the CPA, pass CFA level I, and start networking to show you are more than a number cruncher.

Definitely give Big 4 transaction advisory at least 1.5 years. It is not bulge bracket investment banking, but it is highly regarded experience among the finance community. You will likely meet some people who are both CPAs and CFA holders, so ask them about their experience and get some feedback.

Good luck!

[stoleway]

MBA and CPA can never be interchangeable, in fact MBA is nowhere near CPA. MBAs are worthless in most cases.

Having 2-3 years’ experience in big 4 is worth more than an MBA and it gets better if you have a CPA.

I’m sorry to say that you’re trying to dodge the CPA because it’s hard, you can try the CFA designation since you’re interested in the finance aspect (of course, it’s also not easy).

Looks like your career started really well and I will advise that you find some other alternatives rather than wasting 1-2 years in business school that wouldn’t yield any result. Sorry, but truth hurts 🙁

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

MBA and CPA can never be interchangeable, in fact MBA is nowhere near CPA. MBAs are worthless in most cases.

Having 2-3 years’ experience in big 4 is worth more than an MBA and it gets better if you have a CPA.

I’m sorry to say that you’re trying to dodge the CPA because it’s hard, you can try the CFA designation since you’re interested in the finance aspect (of course, it’s also not easy).

Looks like your career started really well and I will advise that you find some other alternatives rather than wasting 1-2 years in business school that wouldn’t yield any result. Sorry, but truth hurts 🙁

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[UNC MAcc]

damn stoleway are you my alter ego or what?

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[UNC MAcc]

damn stoleway are you my alter ego or what?

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[Mathgirl7]

“@mathgirl,

How did you feel about taking two test in one month? How did you study? I know you are waiting for scores but I am really curious”

– I felt ok about both exams. I studied for both at the same time. I wish I had more time but I don't so it is what it is.

“This is criminally false.

The CPA is universally acknowledged as a high standard. The value of an MBA degree depends largely on where you went to school.”

As I said in my post the MBA I was referring to is from a top school. Sorry to tell you but it is very much true.

I realize that posting on a CPA board about an MBA from a top school and a CPA being interchangeable is obviously going to ruffle some feathers. This is just my experience from working in corporate finance for as long as I have. An MBA or CPA will get you through the door but neither is an automatic hire for finance. This is my experience from being a hiring manager of both. If you want to be in public accounting only then obviously a CPA is what you need but that is not what OP wants to do.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[Mathgirl7]

“@mathgirl,

How did you feel about taking two test in one month? How did you study? I know you are waiting for scores but I am really curious”

– I felt ok about both exams. I studied for both at the same time. I wish I had more time but I don't so it is what it is.

“This is criminally false.

The CPA is universally acknowledged as a high standard. The value of an MBA degree depends largely on where you went to school.”

As I said in my post the MBA I was referring to is from a top school. Sorry to tell you but it is very much true.

I realize that posting on a CPA board about an MBA from a top school and a CPA being interchangeable is obviously going to ruffle some feathers. This is just my experience from working in corporate finance for as long as I have. An MBA or CPA will get you through the door but neither is an automatic hire for finance. This is my experience from being a hiring manager of both. If you want to be in public accounting only then obviously a CPA is what you need but that is not what OP wants to do.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[UNC MAcc]

Nobody said anything about a top school. That is a MATERIAL ADJUSTMENT TO THE FACTS, but I still say they are not interchangeable. An MBA from Harvard will get you in the door anywhere. A CPA will not.

I noticed you edited your original post. LOLZ. You're not ruffling any feathers chica, just stating opinions.

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[UNC MAcc]

Nobody said anything about a top school. That is a MATERIAL ADJUSTMENT TO THE FACTS, but I still say they are not interchangeable. An MBA from Harvard will get you in the door anywhere. A CPA will not.

I noticed you edited your original post. LOLZ. You're not ruffling any feathers chica, just stating opinions.

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[Mathgirl7]

Actually I never edited my original post. I did just edit my last post because I missed the study question.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[Mathgirl7]

Actually I never edited my original post. I did just edit my last post because I missed the study question.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[Author]

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